State Codes and Statutes

Statutes > New-york > Dcd > Article-10-a > 283

§ 283. Aggregate individual bankruptcy exemption for certain annuities  and  personal property. 1. General application. The aggregate amount the  debtor may exempt from the property of the estate for personal  property  exempt  from  application  to the satisfaction of a money judgment under  subdivision (a) of section fifty-two hundred five of the civil  practice  law  and  rules  and  for  benefits,  rights, privileges, and options of  annuity contracts described in the following sentence shall  not  exceed  five  thousand  dollars.  Annuity  contracts  subject  to  the foregoing  limitation are those that are: (a) initially  purchased  by  the  debtor  within  six  months of the debtor's filing a petition in bankruptcy, (b)  not described in any paragraph of section eight hundred five (d) of  the  Internal  Revenue  Code  of  nineteen  hundred  fifty-four,  and (c) not  purchased by application of proceeds under settlement options of annuity  contracts purchased more than six months before the  debtor's  filing  a  petition  in  bankruptcy  or  under settlement options of life insurance  policies.    2.  Contingent  alternative  bankruptcy   exemption.   Notwithstanding  section  two  hundred eighty-two of this article, a debtor, who (a) does  not elect, claim, or otherwise avail himself of an  exemption  described  in  section  fifty-two  hundred six of the civil practice law and rules;  (b) utilizes to the fullest extent permitted by law as applied  to  said  debtor's property, the exemptions referred to in subdivision one of this  section  which  are subject to the five thousand dollar aggregate limit;  and (c) does not reach such aggregate limit,  may  exempt  cash  in  the  amount  by  which  five  thousand  dollars  exceeds the aggregate of his  exemptions referred to in subdivision one of  this  section  or  in  the  amount  of  two thousand five hundred dollars, whichever amount is less.  For purposes of this subdivision, cash  means  currency  of  the  United  States  at face value, savings bonds of the United States at face value,  the right to receive a refund of federal, state and local income  taxes,  and  deposit  accounts  in  any  state or federally chartered depository  institution.

State Codes and Statutes

Statutes > New-york > Dcd > Article-10-a > 283

§ 283. Aggregate individual bankruptcy exemption for certain annuities  and  personal property. 1. General application. The aggregate amount the  debtor may exempt from the property of the estate for personal  property  exempt  from  application  to the satisfaction of a money judgment under  subdivision (a) of section fifty-two hundred five of the civil  practice  law  and  rules  and  for  benefits,  rights, privileges, and options of  annuity contracts described in the following sentence shall  not  exceed  five  thousand  dollars.  Annuity  contracts  subject  to  the foregoing  limitation are those that are: (a) initially  purchased  by  the  debtor  within  six  months of the debtor's filing a petition in bankruptcy, (b)  not described in any paragraph of section eight hundred five (d) of  the  Internal  Revenue  Code  of  nineteen  hundred  fifty-four,  and (c) not  purchased by application of proceeds under settlement options of annuity  contracts purchased more than six months before the  debtor's  filing  a  petition  in  bankruptcy  or  under settlement options of life insurance  policies.    2.  Contingent  alternative  bankruptcy   exemption.   Notwithstanding  section  two  hundred eighty-two of this article, a debtor, who (a) does  not elect, claim, or otherwise avail himself of an  exemption  described  in  section  fifty-two  hundred six of the civil practice law and rules;  (b) utilizes to the fullest extent permitted by law as applied  to  said  debtor's property, the exemptions referred to in subdivision one of this  section  which  are subject to the five thousand dollar aggregate limit;  and (c) does not reach such aggregate limit,  may  exempt  cash  in  the  amount  by  which  five  thousand  dollars  exceeds the aggregate of his  exemptions referred to in subdivision one of  this  section  or  in  the  amount  of  two thousand five hundred dollars, whichever amount is less.  For purposes of this subdivision, cash  means  currency  of  the  United  States  at face value, savings bonds of the United States at face value,  the right to receive a refund of federal, state and local income  taxes,  and  deposit  accounts  in  any  state or federally chartered depository  institution.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Dcd > Article-10-a > 283

§ 283. Aggregate individual bankruptcy exemption for certain annuities  and  personal property. 1. General application. The aggregate amount the  debtor may exempt from the property of the estate for personal  property  exempt  from  application  to the satisfaction of a money judgment under  subdivision (a) of section fifty-two hundred five of the civil  practice  law  and  rules  and  for  benefits,  rights, privileges, and options of  annuity contracts described in the following sentence shall  not  exceed  five  thousand  dollars.  Annuity  contracts  subject  to  the foregoing  limitation are those that are: (a) initially  purchased  by  the  debtor  within  six  months of the debtor's filing a petition in bankruptcy, (b)  not described in any paragraph of section eight hundred five (d) of  the  Internal  Revenue  Code  of  nineteen  hundred  fifty-four,  and (c) not  purchased by application of proceeds under settlement options of annuity  contracts purchased more than six months before the  debtor's  filing  a  petition  in  bankruptcy  or  under settlement options of life insurance  policies.    2.  Contingent  alternative  bankruptcy   exemption.   Notwithstanding  section  two  hundred eighty-two of this article, a debtor, who (a) does  not elect, claim, or otherwise avail himself of an  exemption  described  in  section  fifty-two  hundred six of the civil practice law and rules;  (b) utilizes to the fullest extent permitted by law as applied  to  said  debtor's property, the exemptions referred to in subdivision one of this  section  which  are subject to the five thousand dollar aggregate limit;  and (c) does not reach such aggregate limit,  may  exempt  cash  in  the  amount  by  which  five  thousand  dollars  exceeds the aggregate of his  exemptions referred to in subdivision one of  this  section  or  in  the  amount  of  two thousand five hundred dollars, whichever amount is less.  For purposes of this subdivision, cash  means  currency  of  the  United  States  at face value, savings bonds of the United States at face value,  the right to receive a refund of federal, state and local income  taxes,  and  deposit  accounts  in  any  state or federally chartered depository  institution.

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